Economics, Econometrics and Finance
5 years ago

High debt countries benefit from fixed exchange rates, study finds.

IMF Working Paper
Balance Sheets, Exchange Rate Policy, and Welfare
Selim Elekdağ, Ivan Tchakarov

Paper Summary

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The article discusses the impact of different exchange rate policies on the welfare of countries. By using a model that considers balance sheet effects, the researchers found that fixed exchange rate regimes can be better for countries with high debt levels. This means that countries with a lot of debt may benefit more from having a fixed exchange rate rather than a flexible one.